Quick Take: An extremely rare, fresh to market Patek Ref. 565 A

Freccero + Acuatic black dial

Sharing a quick read as an update to my previous two articles about Patek ref. 565 Freccero + Acuatic examples early last year. The featured subject is an extremely rare, black dialed example that sold in June at a small auction house in South America. It has a similar dial configuration to my own pink/pink example with faceted hour indices, outer pearl minute track, dauphine hour/minute hands, leaf seconds hand and railway sub-seconds dial.

From a review of the images, this example appears to have an original, unrestored dial with gilt printing and no cosmetic enhancements. The Acuatic transfer gilt print at the bottom of the dial is hard to see in these images, but is present nonetheless. Black dials on certain Patek references are very rare to observe from this era and even more difficult to find with the original lacquer still present. This example does show signs of zapon degradation, yet is eye friendly and seems to be honestly preserved even if it doesn’t show a glossy pop in the images. The case is thick with proper dimensions, showing very strong condition as well for the age. The movement appears to have been serviced several times in the past and remains in good overall condition without excessive signs of wear or corrosion on the bridges. The inner dustcap is present and coupled with the Taubert screwback case design, likely provided decently robust protection from the elements and magnetism over the years.

Overall, I see a piece that maintains its original design integrity with signs of normal aging. The strap is obviously not original and also mis-matched. Without benefit of seeing an extract and just based on the serial numbers, I would date it to have been manufactured in 1950-1951.

The 565 line was produced in steel, yellow and pink gold metals in order of descending numbers and is an iconic Patek reference in its own right. When well preserved and rare examples are offered in the market, they typically realize strong prices. We can look recently at a well-restored, double signed example that sold at auction a few months ago for over CHF 355,000 as a reference point.

Reportedly, this fresh to market subject example was in the possession of the Freccero family, past owners of the famed Patek retailer in Montevideo. It had a listed reserve of $25,000 and estimate range of $30,000 - $40,000. If memory serves correctly, it ultimately sold for approx. $150,000. The price fetched is a testament to its rarity, condition and desirability among seasoned vintage Patek collectors.

While a strong price was realized to the estimate range, I would say it could be viewed as somewhat a bargain of sorts when compared to the previously mentioned example that was well-restored, also double-signed and sold for over twice this price. That example has at least one additional known version in the same dial configuration that’s not double signed and also likely cleaned/restored.

I realize this this may be a debatable view, as I am in the camp that values rarity and easy-on-the-eyes unrestored, original condition over rarity and well-restored like-new condition. Even if well-restored looks fresher to the eyes… it’s still been altered and the original state can’t be reclaimed. As the rare, collectable vintage watch market matures over time, I’m betting the former state with graceful, natural aging will command and maintain the stronger values.

With its recent discovery and sale, this example brings the total of black dial 565 Freccero + Acuatic examples known up to just two total in steel. The other known example from auction was shared here previously. Enjoy a few additional images below, from the public domain.

Aircooltime

Feel free to reach me at any of the following:

IG: @aircooltime

www.aircooltime.com

aircooltime@gmail.com